Retail resurgence gives Double Bay’s property market a long-awaited boost

Bay Residences 2

After being in the doldrums for more than a decade, Double Bay has sprung back to life, with many believing it is close to regaining its mantle as a Mecca for Sydney’s influential, talented and famous.
 
New retailers have attracted a younger crowd, The Cosmopolitan Centre is buzzing again, a $50-Million Woolworths is about to open, and The InterContinental is refurbishing the former 140-room Ritz-Carton Hotel in Cross Street. The Council has played its part with an extensive street beautification program.
 
The resurgence has helped boost sales in a boutique block of apartments in the heart of the village. Just six apartments remain in The Bay Residences, which is on schedule for completion by year’s end.
 
The low-rise development in tree-lined Bay Street – Double Bay’s most desirable boulevard – is ringed by exclusive retailers Leona Edmiston, Carla Zampatti, Max & Co., and Casonovas, and funky restaurants Mrs Sippy, Limoncelo, Pelicano and Niji. It will also have two large retail stores on ground level.
 
Nico Tjen, the developer of The Bay Residences, says the renewed retail activity has definitely helped attract a younger demographic to his apartments than is traditional for Double Bay.
 
“Most people think Double Bay real estate is prohibitively priced, but that has changed,” said Mr Tjen, who has completed more than 10 high-end developments since establishing Oceania Property in 1991. “Property prices in Double Bay have not kept pace with other suburbs over the past decade, so it has become more affordable, comparatively speaking. This won’t last, as Double Bay is booming again.”
 
Samantha Watts, 39 from Paddington, typifies purchasers at The Bay Residences, believing she has picked up a bargain. The Director of digital recruitment firm S2M and mother of a nine-month old bought a three-bedroom apartment with husband Kris.  
 
“I’ve taken a keen interest in the property market for the past 18 months and know that financially we can’t lose,” Samantha said. “For such a quality development in such a prime location The Bay Residences is very reasonably priced.
 
“Having two parking spaces is invaluable, and when Woolworth and the five-star hotel open parking will be at an even higher premium.”
 
Samantha believes Double Bay retains an inner-city feel yet still offers a great lifestyle for families with small children. “It is flat – unlike Paddington where we have lived for the past nine years – and our apartment is just a couple of minutes walk to the water, parks and open spaces.
 
“For me… I’m particularly looking forward to all the window shopping and people-watching. There is always something interesting to see at Double Bay.”
 
The Bay Residences has been designed by Kann Finch in keeping with Double Bay’s sophisticated European-style ambience. It cleverly combines classic stonework and Juliet balconies with crisp geometric facades of burnished steel and glass, topped with a mansard roof.
 
The interior finishes are elegant and tasteful, and step up in opulence the higher you go. The penthouses are quality personified. Kitchens have dark, rich timber veneer panelling, stone benchtops, a full suite of premium Miele appliances, a walk-in pantry, and an integrated fridge, freezer and wine cabinet.
 
Bathrooms and ensuites comprise European-style stone-topped vanities in harmony with sculpted glass and frameless mirrors.
 
Adding to the grandeur are Crema marble flooring in the entertaining, kitchen and foyer areas, plush wool carpets in bedrooms, custom-designed joinery, and ducted reverse-cycle air conditioning.
 
Despite the buzz of excitement that gives Bay Street its unique ‘chutzpah’, The Bay Residences’s advanced acoustic treatment and double glazed windows ensure whisper-quiet interiors.
 
Remaining at The Bay Residences are:
·        1 one-bedroom apartment (77sqm total) for $925,000
·        1 three-bedroom apartment (134sqm total) for $2.075-M
·        2 three-bedrooms plus study apartments (240sqm total) from $3.75M, and
·        2 penthouses with landscaped roof terraces (278sqm total) from $4-M.
 
All bar the one-bedder have underground parking, accessed from Brooklyn Lane.
 
“To be able to buy anything in Double Bay at these prices is rare – and what’s even more remarkable is that the apartments are in vibrant Bay Street, the cherished heart of the village,” said Ben Stewart, a director of CBRE.
 
“An added bonus is that there are just 13 apartments in the development, with no costly communal facilities, so levies are very reasonable.”
 
The Bay Residences’ at 16-22 Bay Street, Double Bay is open by inspection only through CBRE’s Ben Stewart (0412 753 740) and Esti Gruceta (0431 737 911) or through the website:www.thebayresidences.com.au

Bay Residences interior

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